Cabinet likely to increase MSP for Kharif crops on paddy, ragi, maize, tur, moong etc.
The Commission for Agricultural Costs and Prices (CACP) has recommended a 3-8 per cent hike in the MSP of Kharif crops like paddy, ragi, maize, arhar, moong. MSP may be announced for marketing season 2023-24.
The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi is likely to approve an increase in the Minimum Support Price (MSP) for all mandated Kharif crops for the marketing season 2023-24.
MSP, which is calculated at least 1.5 times the farmers' cost of production, is the rate at which the government buys crops from farmers. A "minimum price" (MSP) is set for any crop which the government considered beneficial to the farmers and therefore deserves "support".
The crops are sown from June to July and harvested between September-October. The crops are: Rice, Maize, Jowar, Bajra, Arhar, Moong, Urad, Cotton, Jute, Groundnut, Soybean etc.
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